SUI is nearing a key resistance level that could dictate its next major move. Analyst CryptoBull_360 shared insights on X, emphasizing that SUI is approaching the upper trendline of a falling channel pattern.
The analyst is cautious as SUI tests this level, speculating on whether the token will break above or face a rejection. Besides, his analysis points to a potential bullish rally if SUI manages to breach this resistance, but failure to do so might lead to declines.
SUI Price within a Falling Channel
The SUI chart on the 2-hour timeframe by CryptoBull shows a consistent pattern of lower highs and l lows, indicating a falling channel. The price has been oscillating within this channel, and the upper trendline, which before has acted as resistance, is being tested again.
CryptoBull_360’s tweet highlighted that traders are taking profits as SUI approaches this key resistance zone, suggesting caution.
#SUI approaches the trendline resistance of falling channel & traders starts taking profits anticipating bearish move, A strong flip off from the trendline resistance + PoC will trigger the bullish rally, Keep an eye on$SUI #SUIUSDT pic.twitter.com/cDeGABAy4u
— CryptoBull_360 (@CryptoBull_360) October 24, 2024
The current trendline, ranging around $2.10-$2.15, remains a critical area. A breakthrough above this level could signify a potential bullish reversal, while a rejection may lead to a pullback.
Key Support and Resistance Levels
The analysis identifies crucial support and resistance zones for SUI. The lower trendline of the channel, positioned around $1.80, serves as a dynamic support level that has held firm during previous downward movements.
Additionally, a key support area is marked near $1.65, where SUI found demand earlier. On the resistance side, the primary hurdle is the upper trendline around $2.10-$2.15.
If SUI manages to break through, it could lead to a surge toward the next resistance at $2.35-$2.40, where the price has struggled before.
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Show more +Show less – Volume Profile and Potential Price Action
Volume analysis adds further insight into SUI’s price behavior. The Volume Profile on the chart shows a Point of Control (PoC) near $2.05, highlighting a level with high trading activity. This area can act as a pivot point, determining the direction of SUI’s next move.
If the price climbs above the PoC and upper trendline, it could confirm a bullish breakout, potentially driving SUI towards $2.35-$2.40.
Conversely, failure to sustain above the PoC might lead to renewed selling pressure, pulling SUI back toward support levels at $1.80 or lower.
Read also: Bittensor (TAO) and NEAR Protocol (NEAR) Charts Signal Potential Bullish Moves
Conclusion
CryptoBull_360’s tweet emphasized two possible scenarios for SUI. Traders anticipate a bearish pullback as they take profits at the trendline resistance.
However, the tweet also emphasizes that a “strong flip” above this level and the PoC could trigger a bullish rally. This suggests that the market sentiment remains divided, with traders eyeing both bullish and bearish opportunities.
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The post Here’s What Will Trigger a Bullish SUI Price Rally – Holders, Beware! appeared first on CaptainAltcoin.
